Blogs

How unpredictable have mortgage rates been. Most economists have been forecasting that rates would rise, little by little, throughout 2016. However, so far this year they have been dropping, week after week, and are now hovering around the lowest rates of 2015.

The 30-year fixed-rate mortgage (FRM) averaged 3.65% with an average 0.5 point for the week ending February 11, 2016, down from last week when it averaged 3.72 percent. A year ago at this time, the 30-year FRM averaged 3.69%.

The 15-year FRM this week averaged 2.95% with an average 0.5 point, down from 3.01% last week. A year ago at this time, the 15-year FRM averaged 2.99%.

Put on your 'buyer hat' and walk through each room of your house with a notebook and a critical eye. Make a list of all the items that need to be repaired or replaced, and also include things you can do to make your home more appealing.

Evaluate every area of your home, inside and out. Be honest with yourself. If you were looking to buy in your neighborhood, what would you think about your house?

Park Ridge ended 2015 with increases in the median sales price, closed sales, and available inventory . . . promising signs of good opportunities ahead for both sellers and buyers in 2016.

There were 25.8% more new listings in 2015 than the previous year. The increase in prices may have convinced more homeowners to sell, loosening up the tight inventory issue a bit. The median sales price in 2015 in Park Ridge was $398,000 compared to $359,000 in 2014. There were also more homes for sale at the end of this year than last as we move into 2016.

Closed sales were up slightly (1.4%) with 565 closed sales in 2015, and homes were on the market for an average of 84 days.

We're looking forward to many good opportunities for sellers and buyers in Park Ridge in 2016. The trends and momentum are moving in the right direction. Please contact me any time for help selling, buying, or for community information. I'm here to help any way that I can.